Cryptocurrency exchange Coinbase opens Dublin office

Cryptocurrency exchange Coinbase will launch a new office in Dublin amid concerns over the impact of a Brexit deal.

Coinbase will keep London as its European headquarters, but will expand to an office in Ireland to serve its European customers.

The San Francisco start-up lets users trade cryptocurrencies like Bitcoin and Ethereum for real money through its smartphone app. It has grown to tens of millions of users after a surge in interest in digital currencies.

But despite part of cryptocurrency’s appeal – that it allows payments to travel across borders without fees – Coinbase has set up in Ireland in part as Brexit contingency planning.

Coinbase handles money from both UK and EU users, meaning it needs an office in the EU should the UK leave without a financial deal in place.